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City of Hancock
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Municipality & ACFR Details
Type
Municipality-General Purpose Government
State
Michigan
County
Houghton County
FY Period
FY 2024
MuniScore
Score not available
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Log inFinancial Summary
In FY2024, City of Hancock maintained a positive net position of $1.4M, demonstrating financial stability. Total assets of $1.8M compared to liabilities of $336.9K indicate robust financial health, yielding a coverage ratio of 5.20. The government recorded an operating deficit of $80.5K, as spending of $5.1M outpaced revenues of $4.7M. At -1.7%, the operating margin signals a need for fiscal monitoring. All metrics are calculated using General Fund data.